Part-time MBA for RE PE
Hey guys, first-time poster here. I posted this in the Business School forum but figured it best to post here as well. I'm hoping to gain some insight regarding RE PE and whether or not it would be beneficial to obtain an MBA from a top part-time MBA program.
My background: After graduating from a non-target public school I started working for a REIT on their acquisitions team. Since then I have moved to a different REIT and continue to work in a similar capacity on the acquisition/disposition team. My goal is to stay here for an additional 2 to 3 years and then try and obtain a position at a top RE PE firm in Chicago or New York. I've been accepted to the Saturday programs at Kellogg and Booth as well as the weekend program at Ross. I am only looking at part-time programs.
My question for the mass is whether or not it would be beneficial for me to obtain an MBA from a part-time program and if so, which program would you choose? Thanks in advance!
I would say that having a part time MBA can't hurt your chances when you apply for a job in REPE but I don't think it is highly beneficial when applying. I graduated 2012 from a top 10 liberal arts school in Los Angeles and have worked in REPE for about 2 years for a firm in New York City.
I have asked quite a few people in the industry to see whether it is worth it to go back and get your MBA. And the feedback that I got was it is more beneficial for the networking and if you want to pivot within your career from one industry to another. One of my colleagues put it simply why would you go back to school to get your MBA when most kids coming out of their MBA want to be in the industry you are already in. I have thought about doing a part-time MBA in the future but when I have reached out to people who have gotten their MBA they strongly advise that the networking part of the MBA program is a huge component.
At the end if comes down to opportunity cost and how much you value your free time. I would assume that from your job at the REIT you are getting great exposure to deal flow and underwriting but at the end of the day I truly believe the real estate industry is about networking and making those connections with people. I would say grind it out for 1-2 years and attend as many networking events. There are plenty of REPE jobs out there currently that I would even start to apply right now.
Interesting perspective. I am currently struggling with this as I currently work basically were I would like to be post MBA however I still have a desire to potentially peruse an MBA. At the end of the day my understanding is that with part-time you get the branding/education however not necessarily the network which I keep hearing is at least 50% of the benefit to attending.
I echo what @WPOLO1989MI" said - just apply for some REPE jobs. Your REIT experience and day to day really aren't that different. You're basically "there" already.
I appreciate the insight and advice. When I look at the team make-up of firms like Blackstone, Carlyle and other top PE groups it's hard not to notice that most of them have MBAs or UG degrees from top-tier institutions. Though the RE program at my UG school is good, the overall reputation of the university as a whole is lacking. It probably ranks in the 100 - 200 range. Though I am confident in my abilities to underwrite deals, I think a part-time MBA from a top 5-10 school coupled with my 3 years of experience at REITs (5 to 6 years at the time of graduation) would catapult my career that much further.
I don't think there is a right or wrong answer. I think it totally depends on the person and where you are in life as well. My perspective maybe difference since I just graduated a few years ago and I don't see the value in the part-time MBA program because I think the networking component would be huge for me. Whereas someone who maybe more experience and have a family may value the part-time MBA program. Also have to take into consideration the financial burden of doing the full-time MBA program and not having a job during that time.
CREPATH Do you enjoy the job you are currently at?
Yes I enjoy my current job so obviously there is no pressing need for me at the moment.
I now have a follow-up question. Aside from Booth and Kellogg, I applied to UCLA Anderson and Hough at the University of Florida (I am currently based in Florida). If I were to attend Booth, Kellogg or UCLA my total expenses including air fare and hotel rooms would equate to somewhere around $175k at the end of the day. If I were to attend the University of Florida my total cost at the end of the day would be somewhere around $50k. As you know, though I am looking to make the switch from a REIT to a top REPE firm it's not like I am making a huge career switch. Since this is the case, do rankings really matter? Should I simply focus on the cost and ease of access? At the end of the day, it's not like UF is a terrible school, it just isn't a top 15 school. Once again, any advice would be greatly appreciated.
I currently work in REPE however I had a similar background starting in acquisitions for a REIT. As previous posters alluded to....the experience isn't all that different assuming you work for a reputable group. If it was me I would either stay the course and start applying or go to the best school you can get into and leverage the MBA and previous experience. It is my opinion that UF MBA might not be worth it compared to a Booth/Kellogg or UCLA.
If all you want is the knowledge, then UF is fine. But if you want the name/network for your resume and career, don't waste your time. If you've been accepted to the weekend programs at the schools you mentioned, and you want to be in Chicago, go there. Try applying to REPE firms in Chicago right away and if they hire you, half of your expenses will disappear since you're no longer worried about travel money. I don't think it would be the worst resume ever to have your REIT exp, that you're attending a top 5(?) MBA program on the weekends in Chicago, want to work in REPE in Chicago, and are trying to find a job there. If anything it makes perfect sense. Hell you may be able to get someone to sponsor the second half of your program after you've been there for a year if they like you enough.
I've struggled with the MBA question as well but have come to the conclusion that if I did decide to do it, I would only go if it was full time and at a top tier program. The networking component seems too important to not have it (ruling out the part time option) and I don't think going back would position me for any major post-MBA career leap so the school's brand would be important to me in the longer term.
Most of the people I see at top shops have a pretty good school on their resume. If you went to Wharton for undergrad, I'd say you could get away without the MBA, but with XYZ college with a good RE program, I'd probably want to improve my pedigree.
Is your employer paying for any of it?
My undergrad school couldn't touch Wharton in terms of credibility and prestige. This is why I am so torn. I already have such a great network in place but so many of the top firms only hire from their alma mater or schools on a similar level.
Unfortunately I am paying for most of my education myself. My company has offered up a small stipend but it's certainly not anything that will have a huge impact on my decision.
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